(REUTERS) -- Canada's Argonaut Gold Inc's quarterly profit more than doubled, helped by increased volumes and higher gold prices.

Fourth-quarter net income rose to $9.1 million, or 9 cents a share, from $4.1 million, or 7 cents a share, a year ago.

Revenue rose 74 percent to $34.6 million. The company sold 20,468 ounces of gold, compared with 14,414 ounces a year ago.

Gold production rose 8 percent to 19,698 ounces in the quarter.

Argonaut's shares, which have risen 25 percent in the last three months, closed at C$8.19 on Thursday on Toronto Stock Exchange.